https://www.taxtmi.com/caselaws?id=389928 The Tribunal allowed the appeals, ruling in favor of the assessees, as the Assessing Officer's reliance on general reports and observations without specific evidence was deemed insufficient to disprove the assessees' claims of genuine Long-Term Capital Gains (LTCG). Emphasizing the importance of adhering to principles of natural justice and requiring specific evidence, the Tribunal deleted the impugned additions under Section 68 of the Income Tax Act, 1961, and allowed the appeals in favor of the assessees. en-us Fri, 12 Jul 2019 00:00:00 +0530 Thu, 19 Dec 2019 10:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=389928 The Tribunal allowed the appeals, ruling in favor of the assessees, as the Assessing Officer's reliance on general reports and observations without specific evidence was deemed insufficient to disprove the assessees' claims of genuine Long-Term Capital Gains (LTCG). Emphasizing the importance of adhering to principles of natural justice and requiring specific evidence, the Tribunal deleted the impugned additions under Section 68 of the Income Tax Act, 1961, and allowed the appeals in favor of the assessees. Case-Laws Income Tax Fri, 12 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=389928